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You currently have $247,887.43 to deposit. Your banker offers you an annuity paying $25,000 per year for the next 18 years. What implied rate is

You currently have $247,887.43 to deposit. Your banker offers you an annuity paying $25,000 per year for the next 18 years. What implied rate is the banker offering? [Present the answer rounded to two decimal places. For instance 3.33]

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